Islington DIY shop to close after 55 years because banks won’t lend to potential buyers
A family-run DIY shop that has served the community for more than half a century is set to close because banks won’t lend any money to potential buyers.
SX Wallpapers and DIY supplies, in Essex Road, Islington, was opened 55 years ago by �Harry Fulton and his wife, with his mother, father and sister all working at the shop at various points in time.
Three years ago Mr Fulton’s son Russell followed the family tradition and took over the reins. But he tragically died last year and Mr Fulton, 80, was forced to come out of semi-retirement in order to keep the business afloat. Now he is ready to retire again and wants to sell up, but despite many people �being keen to buy the business as a going concern, none can find the bank loan they need.
So Mr Fulton will have to sell off the stock and auction the premises, spelling the end for the well-loved shop.
He said: “I have been running it for the last year since my son died, but I have had enough. I’ve got customers who are very interested in buying it, but no banks will lend them the money. I don’t know why as this place would be a little goldmine.
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“One of them is a builder who would dearly love to retire to run the shop, but he just can’t get the money, even though he owns a big house and flats.
“If we can’t find a buyer, we will get rid of the stock and hold an auction in April. The customers can’t believe it. One woman was so upset she started crying when I told her.”
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“I am really angry with the banks because there are so many people who want to buy it but can’t get the money.”
Brian Potter, who has been shopping at SX Wallpapers for many years, said: “It is a great shame – they always have everything you need and it’s much better and more convenient than the big shops.
“This is typical of the banks. They give themselves big bonuses but won’t give loans to help small businesses.”